Kansas and Missouri Estate Planning

What is "Predatory" Marriage?

Beware of predatory marriages.

Motives for marriage are not always pure.

We like to believe in love.

The reality?

Some people marry for money.

According to a recent New York Law Journal article titled “Predatory Marriages and the Elderly: A Legislative Solution,” many gold diggers target the elderly.

At high risk are mentally incapacitated seniors.

Yikes!

Does this sounds familiar regarding a senior loved on in your life?

If yes, then it could be a sign of elder abuse.

What should you do?

If your loved one seems to be in danger of becoming a victim of a predatory marriage, talk to him immediately.

Having an estate plan in place can be also prove helpful.

Why?

An estate plan specifically excluding the identified predator may make the future marriage less appealing, especially if there is a premarital agreement.

What can you do if the loved one is already married and has died?

There may be little you can do.

You can possibly challenge the marriage as being made while the senior lacked capacity to enter into the contract.

This is not a guaranteed solution, and the burden of proof belongs to you.

The best way to protect your senior loved ones is to be ever vigilant.

Prevention is far more effective than damage control.

Reference: New York Law Journal (May 16, 2019) “Predatory Marriages and the Elderly: A Legislative Solution”

What is an "Elder Orphan"?

Many seniors have no family.

As people age, so do their bodies.

These aging bodies often need long-term care.

In fact, about two-thirds of individuals over age 65 will require some sort of help.

According to a recent WFMZ TV article titled “The single senior life: Elder orphans,” many of these individuals rely on family for support.

Not everyone has family though.

What if you are a senior who is essentially alone?

What should you do?

Where do you turn to in place of family?

You must make careful planning now.

Work with an experienced estate planning attorney to ensure that you are protected should you become incapacitated.

You should name trusted agents through a general durable power of attorney for your financial matters and through an advance health care directive for health care decisions.

Who should you designate?

It could be a friend, a pastor, or some other trusted person.

You can even provide guidance regarding your medical wishes to guide them.

You must also consider housing.

Where will you live?

Plan for weakened health and limited mobility.

Considers assisted living or senior communities.

Home help services may also be an option.

Occasionally families may be adopted.

Care may be provided in exchange of an inheritance.

This must be entered with extreme caution as it could make you increasingly vulnerable to elder abuse.

Take steps to stay connected socially.

Volunteer.

Start a hobby.

Take a class.

Be with people on a regular basis.

These actions are beneficial for any senior—regardless whether you have a family to care for you.

Reference: WFMZ TV (March 7, 2019) “The single senior life: Elder orphans”

Do Adult Children Really Steal from Their Elderly Parents?

Not all parents can trust their children.

Family members should be trusted.

They should folks with whom we feel safe and loved.

Unfortunately, this is not always the case.

According to a recent Fox 43 article titled “Son charged for stealing $153,168 from 86-year-old father, officials talk elder abuse warning signs,” this was an unfortunate reality for one Pennsylvania man.

What happened?

The son and daughter-in-law of the victim stole more than $100,000 from him over a period of four years.

Yikes!

Reports of elder abuse are on the rise.

What can you do to help?

Understand what qualifies as elder abuse.

Elder abuse can take many forms.

These include actively bringing physical, emotional or sexual harm to a senior.

Elder abuse also can come through passive neglect.

Financial abuse most commonly manifests as stealing the funds of the elderly for your own benefit.

Finally, there can be fraud and abuse in the health care profession.

How can you prevent such abuses?

One way is to have a power of attorney signed for financial matters.

This can provide a legal safeguard and accountability—even if family will be the ones providing care.

When it comes to protecting your loved ones, do not give others the benefit-of-the-doubt.

Be aware.

If you feel something is amiss, report it and seek help.

Trust, but verify.

Reference: Fox 43 (October 22, 2018) “Son charged for stealing $153,168 from 86-year-old father, officials talk elder abuse warning signs”

How is Ohio Protecting Seniors from Elder Abuse?

Ohio is making efforts to better protect their seniors.

Elder abuse is a real problem.

Criminals do not care whom they hurt.

They target the vulnerable—especially the elderly.

Many states are making the protection of their senior population a priority.

According to a recent The Dayton Daily News article titled “This new law means many more Ohio officials are watching out for elder abuse. Here’s why it was passed,” Ohio is one such state.

How is Ohio taking action to better protect seniors?

It is expanding "mandatory" reporting.

Why?

Elder abuse can be financial, physical, emotional, or sexual.

It also involves neglect.

Although there were more than 16,000 reports of an elder abuse of neglect in 2017, this is figure is believed to barely scratch the surface of the real numbers.

To help bring perpetrators to justice, the state is requiring professionals in an expanded number of professionals in contact with the elderly to become mandatory reporters.

Who are these professionals?

Pharmacists, firefighters, dialysis technicians, first responders, building inspectors, CPAs, bank employees, real estate agencies, financial planners, and notary publics will now be responsible for reporting any suspicions of elder abuse.

How can you help, regardless where you live?

You should be aware of the signs of abuse.

For example, this would include unusual withdrawals of large sums of money.

Also, be aware of seniors missing appointments, being withdrawn, and avoiding specific people.

Those who are suffering from dementia or Alzheimer’s are especially vulnerable.

The poor or those who have been victims of other trauma are also more likely to be victimized.

You should be especially vigilant to protect these individuals.

Reference: Dayton Daily News (September 29, 2018) “This new law means many more Ohio officials are watching out for elder abuse. Here’s why it was passed.”

How Do I Prevent Financial Elder Abuse?

Financial abuse of the elderly is no small matter.

As we age, our brains lose functionality.

Even if you do not have dementia, your ability to make sound decisions is compromised.

As you age, the probability of developing dementia also increases.

For example, 7 percent of individuals over age 60 have dementia while almost 30 percent of those age 85 or older will suffer from dementia.

With numbers like these, financial abuse is a dangerous possibility.

According to a recent The Kansas City Star article titled “Five ways to avoid elder financial abuse,” it is important to take precautions to protect yourself and your loves ones.

What can you do?

Communicate.

Talk with your aging loved one.

By checking in regularly, you can better detect unusual behaviors or expenditures, as well as deter unsavory characters.

Remind them never to open suspicious emails or give out banking or personal information.

Help them shred account statements and receipts with sensitive information.

Pay attention.

Keep a pulse on how your loved one is spending his or her money.

If outside help is required to function on a daily basis, be involved in the hiring process.

Review banking statements to see if anything is out of the ordinary.

Use checks and balances.

The best way to do this is through estate planning.

Giving authority to trustworthy family members may provide accountability on financial actions.

Build relationships with professionals.

You should know the professional advisors of your parents, such as financial planners and estate planning attorneys.

Streamline accounts.

Inventory financial documents and accounts.

Know what life insurance policies, long-term care policies, bank accounts, and investment accounts they have, let alone where the policy documents and other statements are kept.

If any accounts can be combined, it may be wise to do so.

Taking these precautions will add levels of protections.

If your loved one does become a victim of elder financial fraud, go to the authorities for help.

Reference: The Kansas City Star (September 8, 2018) “Five ways to avoid elder financial abuse”

How is New York Fighting for Seniors?

New York is taking actions against abusers who target the elderly.

Abuse of any kind is scary and infuriating.

Anyone can become a victim.

However, some people are more likely to be targeted than others.

Senior citizens are one of these vulnerable populations.

According to a recent longisland.com article titled “Governor Cuomo Announces $8.4 Million To Combat Elder Abuse And Financial Exploitation Statewide,” New York is taking action against those who victimize the elderly.

How?

The New York Office of Victim Services and the state Office for the Aging developed the Elder Abuse Interventions and Enhances Multidisciplinary Teams Initiative.

What will it do?

It will fund 23 teams already in existence.

It will also create new teams.

The goal is to have these teams active in each county by 2020.

Each year for the next three years, the Office of Victim Service will provide $2 million of federal funding.

The Office for the Aging will contribute $500,000 in state funding each year.

This money will be used to fund the initiative.

The teams will be staffed by individuals who specialize in different aspects of abuse.

They will help individuals age 60 or older.

Why is this important?

From 2015 to 2017, elderly victims filed more than 4,000 approved claims for assistance.

These are only those approved by the Office of Victim Services.

Many others go unreported.

With the new initiatives, the state will be more proactive in serving its senior citizens.

Kudos to the Empire State.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: longisland.com (August 1, 2018) “Governor Cuomo Announces $8.4 Million To Combat Elder Abuse And Financial Exploitation Statewide”

Are Con Artists Who Target Seniors Ever Punished?

Crime does not pay.

Do you ever wonder what happens to those caught swindling money from seniors?

Do they get a slap on the wrist? Do they get away with it scot-free?

According to a recent press release from the US Department of Justice titled “Three Long Island Residents Arrested In Elder Fraud Scheme,” the punishment is more severe.

An example is given of a recent case.

Three people—Lorraine Chalavoutis, Shaun Sullivan, and Tully Lovisa—were caught in an elder scam and are being prosecuted.

What did they do?

They are charged with money laundering and mail fraud.

These individuals sent mailings offering large cash prizes in exchange for an entry fee.

There was no prize.

No one won.

No one except the three masterminds who made off with at least $30 million.

Lovisa has had a history of lying to the Federal Trade Commission.

What will happen if the three individuals are convicted?

Each will face up to 20 years in prison for mail fraud, wire fraud, and conspiracy.

They may also owe a statutory maximum fine of $250,000 or twice the gross gain or gross loss from the offense for each charge.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: US Department of Justice (July 11, 2018) “Three Long Island Residents Arrested In Elder Fraud Scheme”

How has Astronaut Buzz Aldrin Responded to the Guardianship Case?

Buzz Aldrin is contesting his alleged need for a guardianship.

Are you concerned about aging?

Many people are.

What are you main concerns?

Deteriorating physical capabilities?

Short-term memory loss?

Perhaps you are even concerned about your independence being taken away.

According to a recent Good 4 Utah article titled “Buzz Aldrin lawsuit shows need to plan for aging parents,” these fears have become a reality for Astronaut Buzz Aldrin.

Aldrin filed a lawsuit against his daughter Jan and son Andy last month.

Why?

Aldrin saw the need to contest the guardianship action they initiated concerning him.

He claims his two children worked with his longtime manager Christina Korp to discredit his mental capacity, interfere with his relationships, and steal his money for their own purposes.

If you find yourself in a similar situation, you should also contest.

If you feel you have the mental capacity to care for yourself, you should not submit quietly.

Guardianships are serious business, as they return those subject to them to the legal status of a minor child.

Yikes!

You should take preventative measures now by creating a plan for who will handle your affairs should you become incapacitated.

This will ensure the authority is given to someone you trust and allow you to define the process that will determine when it is time for that trusted party to step in.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Good 4 Utah (July 3, 2018) “Buzz Aldrin lawsuit shows need to plan for aging parents”

Why is Former Astronaut Buzz Aldrin Suing His Children?

Being famous does not necessarily make for smooth sailing in life.

Buzz Aldrin.

He seems larger than life.

America watched and listened as he landed and walked on the moon.

Surely a man who walked on the moon would not face difficulties normal people have on earth?

Wrong.

According to a recent Stuff article titled “Buzz Aldrin sues children, alleging misuse of his finances,” Aldrin is certainly experiencing some conflict within his own family.

Why?

His children recently requested the courts to make them his legal guardians because he was suffering from dementia.

How did Aldrin respond?

He submitted himself to a mental evaluation and was declared to be capable and of sound mine.

He then sued his children and requested that certain powers they held be removed—including those dealing with finances, foundations, and social media.

He claims his two children—Janice and Andrew—and his former manager, Christina Korp, were abusing their authority, stealing from him, and trying to alienate him from his family.

As you can see, being famous does will not make life simple.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Stuff (June 26, 2018) “Buzz Aldrin sues children, alleging misuse of his finances”

How is the Kansas Attorney General Fighting Back Against Elder Abuse?

Knowledge and awareness are vital to combating elder abuse.

Elder abuse can happen anywhere.

We here in the "Sunflower State" are not immune.

According a recent WIBW article titled “Kansas training law enforcement, community members to spot elder abuse, AG says,” our Kansas Attorney General Derek Schmidt announced an initiative to better fight elder abuse in the state.

What is the plan?

It involves training to help the community and law enforcement officers recognize signs of financial abuse of the elderly.

Many scams and crooks target seniors.

The number of these potential victims will only continue to rise as the Baby Boom generation continues to age.

What topics are covered in the training?

The instruction involves how to interact with victims and how to investigate sexual, financial, and physical crimes.

It also includes legal matters and the areas of consent, cognition, and capacity.

About 54 law enforcement officers have already received the training in Shawnee and Topeka.

The training will also be made available across the state through a partnership with the Kansas Law Enforcement Training Center.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: WIBW (June 15, 2018) “Kansas training law enforcement, community members to spot elder abuse, AG says”